I'm helping an elderly family member process an estate. I am neither the Executor or Administrator, I'm just supporting where I can.
She has been in contact with the credit union where the deceased's account is held & CU have advised her the they require her to take out probate because the value limit on Credit union accounts that can be accessed by an "Administrator" is </= EUR14,999.
Amounts > EUR15,000 have to go through Probate for the Credit Union to release them.
I got this info second hand on a brief phone call so there may be some ambiguity in there.
It is my understanding that Estates <EUR25,000 are not subject to Probate & may be administered after a "Grant of Representation" has been secured.
Appreciate the advice or experience you all can share on this topic. I suspect the interpretation/ communication of the Credit Union Rule / guidance may have been compromised somewhere along the line.
"The Probate process in Ireland
Probate is a legal process that is sometimes required after a person dies. Usually, Probate is needed if the deceased owned assets worth more than €25,000, and these assets are not passing to a surviving co-owner.
If Probate is necessary, the deceased’s assets will be frozen. They can only be accessed once a Grant of Probate has been issued by the Probate Office (or a Grant of Administration, if there is no Will). In the meantime, banks often agree to release funds to cover funeral costs, but they are unlikely to release money for any other expenses. This can be frustrating for the beneficiaries, who can do nothing but wait for the Probate process to be completed."
Source: https://www.gibsonandassociates.ie/...is needed if,deceased's assets will be frozen.
She has been in contact with the credit union where the deceased's account is held & CU have advised her the they require her to take out probate because the value limit on Credit union accounts that can be accessed by an "Administrator" is </= EUR14,999.
Amounts > EUR15,000 have to go through Probate for the Credit Union to release them.
I got this info second hand on a brief phone call so there may be some ambiguity in there.
It is my understanding that Estates <EUR25,000 are not subject to Probate & may be administered after a "Grant of Representation" has been secured.
Appreciate the advice or experience you all can share on this topic. I suspect the interpretation/ communication of the Credit Union Rule / guidance may have been compromised somewhere along the line.
"The Probate process in Ireland
Probate is a legal process that is sometimes required after a person dies. Usually, Probate is needed if the deceased owned assets worth more than €25,000, and these assets are not passing to a surviving co-owner.
If Probate is necessary, the deceased’s assets will be frozen. They can only be accessed once a Grant of Probate has been issued by the Probate Office (or a Grant of Administration, if there is no Will). In the meantime, banks often agree to release funds to cover funeral costs, but they are unlikely to release money for any other expenses. This can be frustrating for the beneficiaries, who can do nothing but wait for the Probate process to be completed."
Source: https://www.gibsonandassociates.ie/...is needed if,deceased's assets will be frozen.